Cargotec snaps up Asciano

Monday, July 02, 2012

Cargotec has purchased the automation technology of Australia’s Asciano, one of that nation's largest rail freight and port operators.
The company will also take on 23 employees from Asciano.
Cargotec said the purchase was a strategic step for its existing automation services for ports and terminals. From the deal, Olli Isotalo, Cargotec’s executive vice president of terminals, noted horizontal transportation and yard stacking as two areas of significance.
The companies did not disclose the financial terms of the deal, which took effect July 1.
Cargotec and Asciano's Patrick Container Terminals have been partners for years. Asciano said it did not believe automation technology were part of its core business, so the sale made financial sense. - Geoff Whiting